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Business Fundamentals > Chapter 12 > Flashcards

Chapter 12 Flashcards

1
Q

Define the marketing concept

A

Whole firm directed towards serving customers at a profit

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2
Q

Define delivering value equation

A

Value = benefits/cost

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3
Q

Define utility + types

A

To add value
Time utility
Place utility
Ownership utility
Form utility

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4
Q

What are the 4 things marketing is designed for

A

Consumer goods
Industrial goods
Services
Idea

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5
Q

Define consumer goods

A

Tangible products purchased by indivs for use

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6
Q

Define industrial goods

A

Products purchased by companies to use directly/indirectly to produce other products

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7
Q

Define services

A

Intangible products to serve users’ needs

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8
Q

Define ideas

A

Thoughts, philosophies

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9
Q

Define relationship marketing

A

Building lasting relationships with customers and suppliers, working towards goal of customer satisfaction and retention

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10
Q

Define customer relationship marketing

A

Organized methods used to build info connections and improve company-client relationships

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11
Q

What are the 5 external marketing enviros

A

Competitive
Political-legal
Sociocultural
Technological
Economic

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12
Q

Define the political and legal envrio

A

Legislation, govt programs favourable or not

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13
Q

How do marketing managers try to maintain favour in a poltiical-legal enviro

A

Gaining public support for products
Advertising for public awareness of important issues
Lobbying and contributing to political parties

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14
Q

Define the sociocultural enviro

A

Reflects values, beliefs, ideas of society (ex rise of popularity in organic food)

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15
Q

Define economic enviro

A

Trends affecting price strategy and market growth, conditions affecting spending patterns of businesses and individuals, such as:
CAD dollar
Inflation/deflation
Interest rate
Business cycle

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16
Q

Define the tech enviro

A

Science and tech leading to new ways of doing everyday things, new goods continuously emerge, trends create new goods and cause others to become obsolete

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17
Q

Define the types of competitive envrio

A

Brand comp (similar: coke vs pepsi)
Substitute products (dissimilar: juice vs soda)
International comp (domestic vs foreign: ford vs honda)

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18
Q

Define the marketing plan

A

Detailed, focused strategy for gearing marketing mix to meet consumer needs and wants

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19
Q

Define marketing mix

A

Product
Price
Place
Promotion

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20
Q

Define a product

A

Offering good, service, idea satisfying consumer’s needs

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21
Q

Define product differentiation

A

Creating product having diff image than existing products to attract consumers OR changing existing products to respond to trends and improve current offerings

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22
Q

Why does price matter

A

Attracts consumers and helps company meet profit goals, has to follow a high or low price strategy, must consider all costs

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23
Q

Define place

A

Getting product from producer to consumer, choosing sales outlet, physical transportation, warehousing, inventory

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24
Q

Define promotion + types

A

Choosing right method of communicating info about product:
Advertising
Personal selling
Sales promotions
Public relations
Direct/interactive market

25
Q

Define target market

A

Group of potential customers having similar wants and needs

26
Q

Define segmentation

A

Dividing consumer marketing into categories, then selecting specific segments to purse positioning

27
Q

Define market segmentation

A

Searching for common traits between consumers, focusing on traits affect product need or purchase behaviour such as:
Geographics
Demographics
Geo-demographics
Behavioural variables
Psychographics

28
Q

Define geographic variables

A

Areas of residence affecting product consumption ex: rain = umbrella, hot summer = pool

29
Q

Define geo-demographic variables

A

Combining geographic and demographic traits ex: young urban professionals between 25-35 with high paying jobs living in downtown

30
Q

What are the 10 demographic variables

A

Age
Income
Family size
Ethnicity
Religion
Education
Marital status
Gender
Occupation
Language

31
Q

Define psychographic variables

A

Consumer characteristics may be considered when developping segmentation strats such as
Lifestyle
Opinions
Interests
Attitudes

32
Q

Define behavioural segmentation

A

Dividing market into groups based on consumer knowledge, use, or response to product

33
Q

What are the behavioural variables

A

Benefits sought
Usage rate
Occasion for use
Loyalty status
User status

34
Q

Define positioning

A

Process of fixing, adapting, communicating nature of product, place product occupies in consumer’s minds

35
Q

Define market research

A

Systematic study of consumer needs focusing on marketing-mix elements, leading to more effective marketing, therefore increases accuracy and effectiveness of segmentation

36
Q

What are the 5 steps to the research process

A
  1. Study current situation
  2. Select research method (survey, experiment etc)
  3. Collect data (primary and secondary)
  4. Analyze data
  5. Prepare report (make recs)
37
Q

What factors influence consumer behaviour

A

Psychology
Personal
Social
Cultural

38
Q

Define consumer behaviour

A

Studying process by which consumers purchase/consume a g/s

39
Q

What are the 5 steps in the consumer buying process

A
  1. Problem/need recognized
  2. Seek info
  3. Evaluate alternatives
  4. Make a purchase decision
  5. Evaluate post-purchase
40
Q

Define organizational markets

A

Organizations purchasing g/s to be used in production of other g/s done in
Industry market
Reseller market
Govt/institutional market

41
Q

Define organizational buying behaviour

A

Differences in types of buyers:
Professionals
Specialists
Experts

42
Q

What are the differences in the buyer-seller relationships

A

Emphasizes personal selling by trained reps understanding needs of each customer

43
Q

Define product features and benefits

A

Consumers purchasing products for functions and benefits to them, whether tangible or not

44
Q

Define value pacakge

A

Bundle of value-adding attributes including reasonable cost

45
Q

Define a consumer product

A

Convenience g/s
Shopping g/s
Specialty goods

46
Q

Define industrial products

A

Production items
Expense items
Capital items

47
Q

Define product mix

A

Group of products a business has for sale

48
Q

Define product line

A

Group of similar products intended for similar groups of buyers

49
Q

Define new product development

A

Necessary to exapnd and service; expensive, risky, long term horizons; speed to market; product mortality

50
Q

What is product mortality

A

Only 1 in 50 new ideas reaches the markets

51
Q

What are the 7 steps to developping new products

A
  1. Produce idea
  2. Screen
  3. Test concept
  4. Analyze business
  5. Develop prototype
  6. Test product, market
  7. Commercialize
52
Q

Define the product life cycle

A

Products only have limited profit-producing cycles, either months, years, or decades

53
Q

What are the 3 ways to extend product life

A

Extension (global market)
Adaptation (modded for foreign markets)
Reintroduction (old products, new markets)

54
Q

Define brand equity

A

Adding value to product beyond basic functional benefits

55
Q

Define branding

A

Using symbols to communicate quality of product

56
Q

How do companies gain brand awareness

A

Product placement
Buzz marketing
Viral marketing
Social networking

57
Q

What are the 4 types of brand names

A

National: name of distributor/manufacturer
Private: brands carrying name of retailer
Generic: house-brand sold under category, not company
Licensed: selling rights to use names to other companies

58
Q

Define packaging

A

Physical container

59
Q

Define labelling

A

Identifying name, contents, benefits; conforming to Consumer Packaging and Labelling act

Business Fundamentals (15 decks)

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